Taxing the wealthy

November 09, 2012

Who creates jobs, the rich or the poor? Meet the new boss, same as the old boss! President Obama wants to clobber the rich with taxes instead of curbing mindless spending. It has already been tried in socialist France. France wants a 75 percent tax on the rich. The result was that many of the wealthy are vowing to leave the country and taking all their jobs with them. Watch as France's economy tanks. Obama simply doesn't have a clue about fixing the economy.

I don't care for the rich getting all kinds of breaks, but I'm also a pragmatist. The wealthy can live anywhere. The wealthy create jobs! Many small businesses make over $250,000. If you clobber them with taxes, they'll fold up shop and fire their employees. Benefits are a monumental cost to business. When Obamacare fully takes effect in 2014, many small businesses will be forced to fire workers because of the exorbitant medical costs. Doctors will be leaving the profession because of the drastic markdown in their fees and cuts in Medicare to augment Obamacare. In short, it will be a catastrophe!